Eastern China (Shanghai): 3,900-3,920 yuan ($567-570) per tonne, widening downward by 10 yuan per tonne
Northern China (Tianjin): 3,840-3,850 yuan per tonne, down 10 yuan per tonne
Most market participants expect prices to rise further after steelmakers in Tangshan, the country’s steelmaking hub in the northern region, starting to implement production cuts, which would cut supply.
A source in Tangshan told Fastmarkets MB that the local government had sent out inspectors to ensure mills stuck to the production curbs as instructed.
Some traders are even expecting spot prices to rise above...